Traditional IRA

A powerful tool in creating a balanced, long-term savings plan.

An individual retirement savings plan that offers tax-deferred earnings and the possibility of tax-deductible contributions. These tax advantages make the Traditional IRA a powerful tool in creating a balanced, long-term savings plan.

Anyone can contribute, as long as they have earned income

Tax-deferred earnings

Contributions are tax-deductible

Roth IRA

A retirement account that offers different tax incentives than a Traditional IRA.

An individual retirement account that offers different tax incentives than a Traditional IRA to boost your retirement savings. Unlike a Traditional IRA, contributions to a Roth IRA are never tax-deductible, but the initial deposits to your Roth IRA can be withdrawn at any time. However, for tax-free dividends, you may not withdraw funds until you are 59 ½ years of age and have had the account for five years. You pay taxes on your contributions now.

Tax-free income in retirement

You can contribute after age 70 1/2

Initial deposits can be withdrawn at any time

Educational IRA

An individual retirement account offered specifically to help pay for your child's educational expenses, such as: tuition, fees, books, supplies, equipment, and in some cases, room and board, and computers. The Educational IRA is not tax-deductible; however, it offers the potential for tax-free withdrawals including earnings.

1APY refers to annual percentage yield and is subject to change at the discretion of Eastman Credit Union with the exception of the share account which is determined by the credit union board of directors. APY assumes dividends will remain on deposit. APY is an annual calculation based on 365 days (366 days in a leap year). Fees or withdrawals may reduce earnings. APY can change after account opening for variable rate accounts. APY shown is accurate as of the last dividend declaration date. Dividends are paid monthly on all accounts. Dividends earned on all accounts may be transferred to another account at ECU. Checks are not issued for dividends earned on these account types.

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